BBK announces federal bond tender result
The Deutsche Bundesbank announced the results of its federal bond auction held on January 7, 2026. The 2.90 percent bond, maturing in 2036, saw an allocation of €4,542.10 million at an average yield of 2.83 percent.
Key figures of the federal bond auction
The auction for the 2.90 percent bond of the Federal Republic of Germany, maturing on February 15, 2036, concluded on January 7, 2026.
This bond, with interest commencing on January 9, 2026, and the first payment due on February 15, 2027, for a period of 402 days, carries the ISIN DE000BU2Z064.
Total bids amounted to €5,875.00 million, comprising €1,885.00 million in price bids and €3,990.00 million in bids without price indication.
The final allocation reached €4,542.10 million.
The lowest accepted price was 100.58 percent, while the weighted average price stood at 100.60 percent.
The average yield achieved in the auction was 2.83 percent.
For bids at the lowest accepted price, 100 percent were allocated, whereas bids without price indication received an allocation of 79 percent.
Strong demand and retained quota
The auction demonstrated solid investor interest, reflected in an oversubscription (cover ratio) of 1.3.
This indicates that bids exceeded the allocated volume by 30 percent.
Additionally, a market-making quota of €1,457.90 million was retained, representing the federal government's own holding.
This retained amount, combined with the allocated volume, brings the total emission volume to €6,000.00 million.
The retained quota serves to facilitate secondary market liquidity and manage future issuance needs, ensuring flexibility for the federal government's debt management strategy.
Stable demand, reliable funding
The tender result indicates robust, albeit not exceptional, investor interest in federal debt.
The oversubscription ratio confirms stable demand for safe-haven assets in the current environment.
This outcome provides a reliable funding basis for the federal budget without signaling significant shifts in market sentiment.
Quelle: Anleihe des Bundes – Tenderergebnis
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